Stocks open lower as Greece debt remains a focus

Stocks are sinking as European debt problems sent another wave of pessimism through the market.

The market has seesawed over the past week as concerns about debt problems in Greece and other European countries overshadow increasingly upbeat domestic economic reports.

European debt is again a worry Tuesday, after European markets fell in response to uneasiness over a $144 billion bailout package for Greece.

Investors will, however, get reports on factory orders and home sales later in the day that are expected to show the economy is improving.

The Dow Jones industrial average is down 141.48, or 1.3 percent, at 11,010.35. The Standard & Poor's 500 index is down 15.22, or 1.3 percent, at 1,187.04, while the Nasdaq composite index is down 43.53, or 1.7 percent, at 2,455.21.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

NEW YORK (AP) - Stock futures fell Tuesday as European debt problems sent another wave of pessimism through the market.

The market has seesawed over the past week as concerns about debt problems in Greece and other European countries overshadowed increasingly upbeat domestic economic reports.

Futures prices fell Tuesday after European markets dropped in response to uneasiness over over whether a $144 billion bailout package for Greece will be approved by the 15 European Union members that would pay much of the cost. One concern in the markets is that the size of the Greek bailout package could make it harder for the EU to rescue other countries that might need help.

The euro again fell against the dollar as traders avoid the currency, which is used by 16 EU members including Greece. The euro hit its lowest level in a year. U.S. investors are concerned that a stronger dollar would cut into profits for U.S. companies that heavily rely on foreign operations. When the dollar is up, overseas profits translate into less money.

Britain's main index was dragged down by BP PLC. Investors are concerned about the costs the oil company will face from an oil spill in the Gulf of Mexico.

The Commerce Department was expected to say that factory orders fell in March because of a drop in commercial aircraft orders. Economists polled by Thomson Reuters, on average, forecast orders fell 0.1 percent in March.

The manufacturing sector has consistently improved in recent months, boosting confidence in a recovery. Stocks rallied Monday, in part, due to a strong report on the manufacturing sector from the Institute for Supply Management.

Meanwhile, the National Association of Realtors' pending home sales index likely jumped to 101.5 in March from 97.6 a month earlier. The index likely received a boost as home buyers rushed in recent months to cash in on a tax credit that expired last week.

Both reports are due out at 10 a.m. EDT.

Major indexes surged Monday after a fresh round of upbeat economic reports buoyed investors' expectations for a recovery. New reports showed consumer spending and manufacturing continued to improve. The Dow jumped 143 points.